Restaurant Forecast: 7 Steps to Get Success in a Changing Restaurant Industry

This is the 5th step in 7 steps to getting success in a changing restaurant industry.

Forecasting is a powerful way in restaurant business planning to make better and informed business decisions. Restaurant forecasting is an expectation derived from analyzing historical sales or guest-count data and drawing a conclusion about the future to save on food and labor costs using advanced mathematical algorithms.

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Develop Trade Area analytics for Your Restaurant

This is the 4th step in 7 steps to getting success in a changing restaurant industry.

Define an exact trade area around each site to forecast revenue and make more effective marketing campaigns, and to show where you are underserving areas or where you are cannibalizing sales from another site.

Consumers are not willing to travel longer distances and you have to understand where your customers are located in your trade area. Trade area for your restaurant is a combination of the total number of people matching your customer profile, their behaviors, and their spending potential.

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Restaurant Business Expansion to Get Success in a Changing Restaurant Industry

This is the 3rd step in 7 steps to getting success in a changing restaurant industry.

Enter new markets carefully and prioritize expansion efforts based on factors that are relevant to the success of your restaurant brand, such as the level of competitive pressure.

After identifying most potential markets based on where the greatest number of potential customers live, start prioritizing which metro areas to focus on first.

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